Logo

PYXS

Pyxis Oncology, Inc.

PYXS

Pyxis Oncology, Inc. • NASDAQ
$5.19 ▼ -1.70% (-0.09)
Market Cap $323.08 M
52w High $5.55
52w Low $0.83
Dividend Yield 0%
P/E -3.28
Volume 324.76K
Outstanding Shares 62.25M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 ▼ $23.461M ▲ $-22.003M ▼ 0% ▲ $-0.35 ▼ $-21.468M ▼
Q2-2025 $2.82M ▲ $22.57M ▼ $-18.354M ▲ -650.851% ▼ $-0.3 ▲ $-19.215M ▲
Q1-2025 $0 $22.914M ▼ $-21.158M ▲ 0% $-0.35 ▲ $-22.362M ▼
Q4-2024 $0 $40.069M ▲ $-35.571M ▼ 0% $-0.58 ▼ $-18.555M ▲
Q3-2024 $0 $23.754M $-21.203M 0% $-0.35 $-23.023M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $77.728M ▼ $105.604M ▼ $36.825M ▲ $68.779M ▼
Q2-2025 $88.944M ▼ $123.215M ▼ $35.572M ▲ $87.643M ▼
Q1-2025 $105.432M ▼ $135.867M ▼ $32.764M ▼ $103.103M ▼
Q4-2024 $126.931M ▼ $157.181M ▼ $36.43M ▼ $120.751M ▼
Q3-2024 $144.818M $195.311M $41.631M $153.68M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-22.003M ▼ $-13.277M ▲ $11.471M ▼ $-8K ▲ $-1.814M ▲ $-13.286M ▲
Q2-2025 $-18.354M ▲ $-17.263M ▲ $15.304M ▼ $-67K ▼ $-2.026M ▲ $-17.263M ▲
Q1-2025 $-21.158M ▲ $-22.535M ▼ $15.821M ▼ $0 ▼ $-6.714M ▼ $-22.535M ▼
Q4-2024 $-35.571M ▼ $-19.29M ▼ $26.657M ▲ $50K ▼ $7.417M ▲ $-19.29M ▼
Q3-2024 $-21.203M $-14.665M $-8K $1.655M $-13.018M $-14.665M

Five-Year Company Overview

Income Statement

Income Statement Pyxis is still very much a research-stage biotech, with essentially no commercial revenue so far. The income statement is dominated by research and overhead costs, which produce steady operating and net losses each year. The losses have been shrinking somewhat recently, suggesting tighter cost control and portfolio focus, but the business remains firmly in the investment phase: money is being spent to advance the science, not yet earned from product sales. Earnings per share are negative and volatile, reflecting both ongoing spending and the company’s relatively small scale.

Balance Sheet

Balance Sheet The balance sheet shows a small but solid base of assets, largely driven by cash and R&D-related resources. Cash levels are much lower than immediately after the IPO, which is typical as clinical programs progress and consume funding. Equity remains positive, indicating that the company is still funded more by shareholder capital than by borrowing. Debt exists but appears limited relative to total assets, suggesting the capital structure is still conservative. Overall, the balance sheet looks lean: adequate for a small clinical-stage biotech today, but clearly dependent on future fundraising or partnerships to support longer-term plans.

Cash Flow

Cash Flow Cash flow is consistently negative from operations, which is expected for a company without commercial products and with active clinical trials. Most cash use is tied to research and development, clinical work, and general corporate costs, not to heavy investment in physical assets. Capital spending is minimal, so free cash flow closely tracks operating cash outflow. The trend shows some improvement in cash burn over time, but the company still relies on external capital sources—equity, partnerships, or other financing—to sustain its pipeline until any potential approvals and sales materialize.

Competitive Edge

Competitive Edge Pyxis plays in a very crowded and fast-moving oncology field, but it is focused on a differentiated niche: stromal-targeted antibody-drug conjugates. Its technology platforms, one for discovering antibodies and another for precisely attaching potent drugs to them, aim to create more selective and potent cancer therapies. The lead candidate, PYX-201, targets a feature of the tumor microenvironment rather than just the tumor cell surface, which could help address challenges like tumor heterogeneity. Early clinical signals and the FDA’s fast track status in a difficult cancer type support a potentially strong scientific and clinical positioning. However, the company is small, concentrated on a single main asset, and competes against much larger oncology players with deeper pipelines and resources.

Innovation and R&D

Innovation and R&D Innovation is clearly Pyxis’s core strength. The company has built two complementary platforms—one for high-quality antibody discovery and another for advanced ADC design—giving it a full toolkit for next-generation cancer drugs. The shift to focus resources sharply on PYX-201 shows a disciplined R&D strategy: narrowing to the most promising asset rather than spreading capital thinly across many programs. The candidate’s unique stromal-targeting mechanism and potential to be combined with established drugs (like checkpoint inhibitors) are key differentiators. Still, all of this remains high risk: success depends on larger and longer clinical trials confirming the encouraging early results, and on Pyxis being able to keep funding and staffing its R&D engine over several more years.

Summary

Pyxis Oncology is a young, clinical-stage biotech built around a bold and technically sophisticated approach to cancer therapy. Financially, it is in a classic pre-revenue biotech position: modest assets, ongoing losses, negative cash flow, and reliance on external capital, though with some signs of tighter spending discipline. Strategically, it has carved out a focused niche in stromal-targeting ADCs, with PYX-201 as the clear flagship program and a technology base that could support future candidates. The main opportunity lies in turning early, promising clinical data and a differentiated mechanism into robust, later-stage results and potential partnerships. The main risks are concentration in a single lead asset, the inherent uncertainty and long timelines of oncology drug development, and the ongoing need for fresh funding to bridge the gap from R&D to any eventual commercial stage.

NEWS

November 3, 2025 · 4:05 PM UTC

Pyxis Oncology to Participate in Upcoming Investor Conferences

Read more

November 3, 2025 · 7:00 AM UTC

Pyxis Oncology Provides Business Update and Reports Third Quarter 2025 Financial Results

Read more

October 13, 2025 · 4:05 PM UTC

Pyxis Oncology to Present Translational Data and Key Biology Findings Elucidating the Mechanism of Action of MICVO at Upcoming Medical Meetings

Read more

October 9, 2025 · 7:30 AM UTC

Pyxis Oncology Appoints Alex Kane as Senior Vice President, Investor Relations & Capital Markets

Read more

September 30, 2025 · 4:24 PM UTC

Pyxis Oncology Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Read more